According to BlockBeats, Citigroup raised its target price for Tencent to HK$765 and reiterated a Buy rating following Tencent's second-quarter earnings on August 13. The bank cited clear progress in Tencent's artificial intelligence efforts and resilience in its core business. In the same report, Citi increased its capex assumptions for Tencent to RMB 200.7 billion this year and RMB 235 billion next year.
Citigroup raised its price target for Tencent to HK$765 and reiterated a Buy rating after the company released its second-quarter earnings on August 13. The bank said Tencent's artificial intelligence plans are paying off and its core business remains resilient.
Citi also lifted its capital expenditure assumptions for Tencent to RMB 200.7 billion for this year and RMB 235 billion for next year.
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